Login to your account online to request a withdrawal or Contact Us to request an In-Service Withdrawal Request form. Once you reach age 59.5, you may withdraw money from your 401(k) penaltyfree.IRA withdrawals are considered early before you reach age 59½, unless you qualify for another exception to the tax. Generally, anyone can make an early withdrawal from 401(k) plans at any time and for any reason. However, these distributions typically count as taxable income. Note: If you qualify for the capital gain or 10year tax option, you must calculate the tax on your distribution directly on federal Form 4972. Early Withdrawal Tax. If you receive the refund before age. In general, you're not supposed to take money out of your IRA or 401(k) before age 59½. When you withdraw money from your 401(k), you have to pay 401(k) withdrawal taxes, and a penalty if you do so before retirement age.